A question by Rendar : Do you think it is a good idea to buy a house with your longtime partner but both of your name’s won’t be in the title?
We are thinking to get a house from a government program but if we will be in the title together our salary combined makes us ineligible. So my partner will have the ownership. Any thoughts?
We are together since 2016. Thanks
Answers
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“Unless you’re paying for half of this house, basically, you’re NOT buying a house–your PARTNER is. And if you ARE paying for half of it, then you should have a written agreement that you own half of it–or if your partner decides you are not the person for him/her, they are basically just using your money to buy something for themselves. It’s risky. The very least you need to do is have a written agreement stating that if you break up any money you gave your partner will be given BACK to you. And you’d better check the program requirements–if you two are living together they may not accept ONLY your partner as the buyer. Check your fine print.”
Christin K
“No, I don’t think it’s a good idea. 1. It’s NEVER a good idea to buy a house or other major assets with someone you are not married to. There are tons of information on the internet explaining why. So, I won’t bore you with a list of ways this can go wrong. Just go read some information about all the reasons why it’s a bad idea. 2. What you are proposing might actually be illegal because most government programs are based on the entire household income. So, you are probably supposed to count both incomes regardless of whether or not you’re married and/or who’s name you eventually put on the paperwork.”
12
“Is it a USDA loan? If so all income in the house MUST be reported (even if they are not on the loan) and if it’s over the amount you won’t qualify. It’s considered government mortgage fraud and prison can be imposed. Also, it’s a terrible idea to not be on the title. if something goes wrong the one not on has NO recourse- no ownership etc. I am a mortgage lender since 1986.”
Beverly
“No, you should never purchase a house with someone you are not married to.”
Emily Patel, Développeuse
“Screw the system now and somehow you’ll pay for it later. Since you aren’t married and don’t plan to be married, I suggest that whoever it is has their name on the title be considered the owner (which is the case) and the other person a renter. So you pay rent and half of the utilities. If you split up, it’s his home; not yours. Or you play it straight and put both your names on the title as co-owners (which I happen to think is a really bad decision when two people aren’t married). Keep receipts for anything you buy for the home – just in case you ever need them should you split up. Then you can take what is rightfully yours.”
David Lin, Professeur
“No, that is a terrible idea. If your name is not on the title, you own nothing. So, your partner owns a house, and you pay rent. Absolutely not. If he’s the only one on the title, he’s the only one that owns / has any claims to it at all. You won’t be buying it together; you’ll be paying for his property.”
Various